Sunday, April 20, 2008
Eastvale on life support
I thought I'd check and see how our old friend Eastvale was doing. A quick and dirty check using redfin found right around 500 homes for sale in the area. It looks like every home out there is for sale if you zoom out too far. Just for giggles I queried the homes under $400k and found that around 25% of the listings are under that, 44 were under $375k, 16 were under $350k and only 3 were under $325k. The lowest price per sq/ft I was able to find was $95 (short sale thought).
The best price for a REO property was 13383 Jimson Ct. This home is a 3 bedroom, 2.5 bath and it's 2983 sq/ft. It sits on a nice lot at the end of a cul de sac. The last real purchase was in Jan 2007 for $699k. This house went back to the lender fairly quickly in Jan 08 for $423k. It recently listed for $310k. That is a $380k Loss in 15 months, or 56%. Since this is the lowest priced home in the area, I think it is safe to assume this will sell in a hurry. It will probably even fetch over asking. We'll have to wait and see what the final sales price is but rest assured it will be a whole lot less than that last sale.